Hungary Budget Deficit Swells to Around 9 % / GDP in 2020

Economy

Hungary’s cash flow-based budget deficit, excluding local councils, was 5,548.6 billion forints (EUR 15.5bn) at the end of 2020, the Finance Ministry confirmed in a detailed reading of data.

Based on the EU accounting rules, the government expects the deficit to be “around 9%” of GDP in 2020. In December alone, the budget produced a shortfall of 2,250.5 billion forints. The central budget ran a 4,953.5 billion forint deficit for the full year, while separate state funds had a 46.7 billion surplus and the social insurance funds were 641.8 billion in the red. The ministry said spending on medical equipment related to Covid came to 614.7 billion forints. Year-end expenditures were also lifted by 1,200 billion on taking over hospital debt and economic protection measures among other spending. Government payouts linked to projects which receive EU funding came to 2,025.4 billion forints, while transfers from Brussels came to 1,684.2 billion.

 

hungarymatters.hu

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